日前，苏州江天包装科技股份有限公司（以下简称"江天科技"）发布公告称，已于5月9日向北交所提交 恢复上市审核的申请，并于5月12日获北交所正式调整审核状态为"恢复审核"，这标志着江天科技再度 重启北交所上市之路。 △ 截自公告 招股书显示，江天科技成立于1995年，从事标签印刷产品的研发、生产与销售。主要产品包括薄膜类不 干胶标签和纸张类不干胶标签，广泛应用于饮料酒水、日化用品、食品保健品、石化用品等日常消费领 域。其中，美妆领域的客户涵盖联合利华、宝洁、百雀羚、花王等知名企业，日化领域的客户包括蓝月 亮、纳爱斯等企业。 | 发展阶段 | 初创期 | 成长期 | | 快速发展期 | | --- | --- | --- | --- | --- | | | 1992-1998 年 | 1998-2008 年 | 2008-2014年 | 2015-2016 E 2016 年至今 厂外汇粤、大津江 | | 公司发展 情况 | 公司规模相对较 小,以琳得科出 印机为主要生产 间歇式轮转印 | 成为国内标签 印刷行业第一 | 陆续引进博斯 印刷机,在菜 | 津等公司陆续设 生产规模特续 立,成为国内第一 扩大,并凭借 ...

Core Viewpoint - Jiangtian Technology's IPO review status has been changed to "suspended" due to financial report updates, despite the company completing its 2024 annual report disclosure within a month. The suspension status is expected to continue in the short term [2]. Company Overview - Jiangtian Technology, established in 1992, specializes in film-based and paper-based self-adhesive labels and other printing products, with key clients including Nongfu Spring, Haitian Flavor Industry, and Blue Moon [5]. Financial Performance - Revenue from 2022 to 2024 was reported as follows: 338 million yuan, 508 million yuan, and 538 million yuan, with year-on-year growth rates of 10.68%, 32.17%, and 6.00% respectively. Net profit for the same period was 74 million yuan, 96 million yuan, and 80 million yuan, with growth rates of 21.50%, 29.56%, and 5.55% respectively [5]. - In Q1 2025, the company achieved revenue of 134 million yuan, a slight increase of 2.12% year-on-year, while net profit was 26 million yuan, reflecting a decline of 9.66%, marking the second consecutive quarter of negative growth [5]. Client Dependency and Risks - The company faces operational risks related to high client dependency, which may lead to loss of pricing power and increased substitution risks. These concerns have been highlighted by external observers [5]. - The 2024 annual report correction revealed that the top five clients accounted for significant sales proportions, with the largest client, Nongfu Spring, at 35.33%. After the correction, Unilever became the fifth-largest client with a sales proportion of 3.05%, surpassing the previous client by 1.34 percentage points [6]. Internal Control Issues - Jiangtian Technology has encountered internal control issues during the annual report disclosure process, raising questions about its IPO prospects amid declining performance [6].